Encore Enterprises

Encore Enterprises, a diversified investment company with holdings spanning real estate, construction, and hospitality, has always prioritized the well-being of its employees. However, escalating pharmacy costs and a lackluster member experience under their previous PBM prompted the HR team to seek a more transparent and supportive solution. Collaborating with their trusted benefits broker, Jared Bowcutt of Brown & Brown, Encore transitioned to SmithRx. The outcome: a significant decrease in pharmacy spend, enhanced employee support, and a partnership built on clarity and trust.

The Challenge: Escalating Pharmacy Costs and Limited Transparency

By 2022, Encore Enterprises faced mounting concerns over rising pharmacy expenses and a convoluted benefits experience for employees. The HR team grappled with opaque pricing structures, insufficient reporting, and a lack of proactive support from their legacy PBM.

“We were paying more and getting less,” recalled Erin Bailey, VP of Human Resources at Encore Enterprises. “Our employees were confused, and we didn’t have the tools or transparency we needed to help them.”

Recognizing the need for a transformative approach, Encore sought a pharmacy benefit manager that could deliver both cost savings and an improved member experience.

The Solution: Embracing SmithRx's Transparent and Member-Centric Model

With guidance from Jared Bowcutt of Brown & Brown, Encore Enterprises partnered with SmithRx. “SmithRx stood out for its transparency, accountability, and member-first approach,” Jared noted. “It was the right fit for a client like Encore—who values doing right by their employees while keeping costs under control.”

SmithRx collaborated closely with Encore to ensure a seamless transition. Employees received clear communication about the new benefits, and the dedicated Member Support team provided hands-on assistance, making it easy for members to navigate their pharmacy options and maximize savings.

The Results: Significant Savings and Enhanced Employee Satisfaction

Since implementing SmithRx in 2022, Encore Enterprises has achieved remarkable results:

• 60% reduction in per member per month (PMPM) pharmacy spend, decreasing to $79 PMPM by 2024—well below the industry average.
• $1.7 million saved in pharmacy costs through Connect 360 Programs and 100% pass-through rebates.  
• 75% increase in Connect 360 Savings between 2022-2024, demonstrating consistent cost savings YoY. 

“Our employees feel cared for,” Erin shared. “The support they get from SmithRx is night and day from our old vendor.”

Beyond the financial metrics, employees have reported a vastly improved experience, with easier access to medications and responsive support, leading to higher satisfaction and engagement.

Looking Ahead: A Partnership Rooted in Transparency and Trust

For Encore Enterprises, the decision to switch to SmithRx was not solely about cost savings—it was about fostering a culture of transparency and support. The collaboration has empowered the HR team with actionable insights and given employees greater clarity and ease in managing their pharmacy benefits.

“We’re no longer guessing about what we’re spending or what our employees are going through,” Erin concluded. “We have clarity. We have control.”

With a trusted partner in place, Encore is positioned to sustain these savings while continuing to prioritize the health and satisfaction of its employees.

Learn how SmithRx can help your business achieve similar results. Contact us today to explore a better way to manage pharmacy benefits.